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ECONOMY | 23-02-2022 12:45

World Bank approves US$2 billion of funds for Argentina in 2022

World Bank commits more than US$2 billion in fresh funding to Argentina following meeting with officials.

The World Bank has confirmed funding of "more than US$2 billion" in funding for projects in Argentina this year, according to an emailed statement.

World Bank Chief Operating Officer Axel van Trotsenburg spoke with Argentina's Economy Minister Martín Guzmán on Tuesday about the status of Argentina's negotiations with the International Monetary Fund, according to a statement from the institution.

During the meeting, which was also attended by Strategic Affairs Secretary Gustavo Beliz, the World Bank said the new funds will be in addition to US$2.1 billion in funding that was approved in 2021. 

During the Covid-19 crisis, Argentina received World Bank support to finance projects in the areas of pandemic response and vaccines, expansion of basic public services for the poor and vulnerable, and sustainable employment and productivity. 

The Bank did not elaborate on which projects these new funds will be used for. 

– TIMES/BLOOMBERG

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